0001213900-21-063430 | 10-Q/A | XBRL Viewer | Ventoux CCM Acquisition Corp

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2021	Dec. 03, 2021
Document Information Line Items
Entity Registrant Name	VENTOUX CCM ACQUISITION CORP.
Trading Symbol	VTAQ
Document Type	10-Q/A
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		21,562,500
Amendment Flag	true
Amendment Description	VentouxCCM Acquisition Corp. (the “Company,” “we,” “us” or “our”) is filing this Amendment No.1 to its Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2021 (this “Quarterly Report”) to amendand restate certain terms in its Quarterly Report on Form 10-Q for the quarterly period September 30, 2021 originally filed with theSecurities and Exchange Commission (the “SEC”) on November 15, 2021 (the “Original Quarterly Report”).Background ofRestatementAllof the shares held by the Company’s public stockholders (the “Public Shares”) contain a redemption feature which provideseach holder of such shares with the opportunity to have their shares redeemed, and management has no control over which Public Shareswill be redeemed. ASC 480-10-S99-3A provides that redemption provisions not solely within the control of the issuer require shares subjectto redemption to be classified outside of permanent equity. Furthermore, ASC 480-10-25-6(b) provides guidance stating that in determiningif an instrument is mandatorily redeemable, a provision that defers redemption until a specified liquidity level is reached would notaffect classification of the instrument. As such, management has identified errors made in the historical financial statements where,at the closing of the Company’s Initial Public Offering, the Company improperly valued its common stock subject to possible redemption.The Company previously determined the common stock subject to possible redemption to be equal to the redemption value, while also takinginto consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the PublicShares can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control.Therefore, management concluded that the redemption value should include all common stock subject to possible redemption, resulting inthe common stock subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassificationadjustment related to temporary equity and permanent equity as of the Initial Public Offering date and all subsequent reporting periods.Asa result, the Company’s management, together with the Audit Committee, determined that the Company’s financial statementsand other financial data as of and for the three months ended March 31, 2021 and June 30, 2021 should be restated in the Form 10-Q/Aas a result of this error. The three months ended March 31, 2021 and June 30, 2021 will be restated in Note 2 of this September 30, 2021amended Form 10-Q. These restatements result in a change in the initial carrying value of the common stock subject to possible redemptionwith the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and common stock. Further, thereis no impact to the reported amounts for total assets, total liabilities, cash flows, or net income (loss) but earnings per share wasimpacted due to a change in presentation relating to the restatements.Thefinancial information that has been previously filed or otherwise reported for this period is superseded by the information in this Form10-Q/A, and the financial statements and related financial information contained in the Original Quarterly Report should no longer berelied upon. On November , 2021, the Company filed a report on Form 8-K disclosing the non-reliance on the financial statements includedin the Original Quarterly Report.Internal ControlConsiderationsInconnection with the restatement, management has re-evaluated the effectiveness of the Company’s disclosure controls and proceduresand internal control over financial reporting as of September 30, 2021. The Company’s management has concluded that, in light ofthe errors described above, and the filing of the Form 10-Q, a material weakness exists in the Company’s internal control overfinancial reporting and that the Company’s disclosure controls and procedures were not effective. Management plans to enhance thesystem of evaluating and implementing the accounting standards that apply to our financial statements, including enhanced training ofour personnel and increased communication among our personnel and third-party professionals with whom we consult regarding applicationof complex financial instruments. For a discussion of management’s consideration of our disclosure controls and procedures, internalcontrols over financial reporting, and the material weaknesses identified, see Part I, Item 4, “Controls and Procedures”of this Form 10-Q/A.
Entity Central Index Key	0001822145
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	true
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39830
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2968594
Entity Address, Address Line One	1 East Putnam Avenue
Entity Address, Address Line Two	Floor 4
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
City Area Code	(646)
Local Phone Number	465-9000
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Address, Postal Zip Code	06830

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash	$ 505,849	$ 1,071,253
Prepaid expenses	120,495	29,200
Total Current Assets	626,344	1,100,453
Investments held in Trust Account	174,262,524	151,500,000
TOTAL ASSETS	174,888,868	152,600,453
Current liabilities
Accounts payable and accrued expenses	304,003	18,123
Income taxes payable	4,342
Advance from related party		120,005
Total Current Liabilities	308,345	138,128
Warrant Liabilities	1,668,750	7,320,000
Total Liabilities	1,977,095	7,458,128
Commitments
Common stock subject to possible redemption 17,250,000 and 15,000,000 shares at $10.10 per share redemption value as of September 30, 2021 and December 31, 2020, respectively	174,225,000	151,500,000
Stockholders’ Equity
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
Common stock, $0.0001 par value; 50,000,000 shares authorized; 4,312,500 shares issued and outstanding as of September 30, 2021 and December 31, 2020	431	431
Additional paid-in capital
Accumulated deficit	(1,313,658)	(6,358,106)
Total Stockholders’ Equity (Deficit)	(1,313,227)	(6,357,675)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 174,888,868	$ 152,600,453

Condensed Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock subject to possible redemption	17,250,000	15,000,000
Common stock, redemption per share (in Dollars per share)	$ 10.1	$ 10.1
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	4,312,500	4,312,500
Common stock, shares outstanding	4,312,500	4,312,500

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
General and administrative expenses	$ 189,283		$ 639,984	$ 85
Loss from operations	(189,283)		(639,984)	(85)
Other income (loss):
Change in fair value of warrant liabilities	1,001,250		6,488,250
Loss on initial issuance of private warrants			(162,000)
Interest earned on marketable securities held in Trust Account	2,618		37,524
Total other income, net	1,003,868		6,363,774
Income (Loss) before provision for income taxes	814,585		5,723,790	(85)
Benefit from (Provision for) income taxes			(4,342)
Net income (loss)	$ 814,585		$ 5,719,448	$ (85)
Basic and Diluted Weighted average shares outstanding of common stock (in Shares)	21,562,500	3,750,000	21,529,412	3,750,000
Basic and diluted net income per share of common stock (in Dollars per share)	$ 0.04		$ 0.27

Condensed Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid in Capital	(Accumulated Deficit) Retained Earnings	Total
Balance at Dec. 31, 2019	$ 431	$ 24,569	$ (1,450)	$ 23,550
Balance (in Shares) at Dec. 31, 2019	4,312,500
Net income loss
Balance at Mar. 31, 2020	$ 431	24,569	(1,450)	23,550
Balance (in Shares) at Mar. 31, 2020	4,312,500
Balance at Dec. 31, 2019	$ 431	24,569	(1,450)	23,550
Balance (in Shares) at Dec. 31, 2019	4,312,500
Net income loss				(85)
Balance at Sep. 30, 2020	$ 431	24,569	(1,535)	23,465
Balance (in Shares) at Sep. 30, 2020	4,312,500
Balance at Mar. 31, 2020	$ 431	24,569	(1,450)	23,550
Balance (in Shares) at Mar. 31, 2020	4,312,500
Net income loss			(85)	(85)
Balance at Jun. 30, 2020	$ 431	24,569	(1,535)	23,465
Balance (in Shares) at Jun. 30, 2020	4,312,500
Net income loss
Balance at Sep. 30, 2020	$ 431	24,569	(1,535)	23,465
Balance (in Shares) at Sep. 30, 2020	4,312,500
Balance at Dec. 31, 2020	$ 431		(6,358,106)	(6,357,675)
Balance (in Shares) at Dec. 31, 2020	4,312,500
Allocation of Initial Public Offering to public warrants		1,350,000		1,350,000
Allocation of Initial Public Offering to public rights		956,250		956,250
Accretion for common shares to redemption amount		(2,306,250)	(675,000)	(2,981,250)
Net income loss			3,461,107	3,461,107
Balance at Mar. 31, 2021	$ 431		(3,571,999)	(3,571,568)
Balance (in Shares) at Mar. 31, 2021	4,312,500
Balance at Dec. 31, 2020	$ 431		(6,358,106)	(6,357,675)
Balance (in Shares) at Dec. 31, 2020	4,312,500
Balance at Jun. 30, 2021	$ 431		(2,128,243)	(2,127,812)
Balance (in Shares) at Jun. 30, 2021	4,312,500
Balance at Dec. 31, 2020	$ 431		(6,358,106)	(6,357,675)
Balance (in Shares) at Dec. 31, 2020	4,312,500
Net income loss				5,719,448
Balance at Sep. 30, 2021	$ 431		(1,313,658)	(1,313,227)
Balance (in Shares) at Sep. 30, 2021	4,312,500
Balance at Mar. 31, 2021	$ 431		(3,571,999)	(3,571,568)
Balance (in Shares) at Mar. 31, 2021	4,312,500
Net income loss			1,443,756	1,443,756
Balance at Jun. 30, 2021	$ 431		(2,128,243)	(2,127,812)
Balance (in Shares) at Jun. 30, 2021	4,312,500
Net income loss			814,585	814,585
Balance at Sep. 30, 2021	$ 431		$ (1,313,658)	$ (1,313,227)
Balance (in Shares) at Sep. 30, 2021	4,312,500

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 5,719,448	$ (85)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Change in fair value of warrant liabilities	(6,488,250)
Loss on initial issuance of private warrants	162,000
Interest earned on marketable securities held in Trust Account	(37,524)
Changes in operating assets and liabilities:
Prepaid expenses	(91,295)
Accounts payable and accrued expenses	285,880	(450)
Income taxes payable	4,342
Net cash used in operating activities	(445,399)	(535)
Cash Flows from Investing Activities:
Investment of cash in Trust Account	(22,725,000)
Net cash used in investing activities	(22,725,000)
Cash Flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discounts paid	22,050,000
Proceeds from sale of Private Placement Warrants	675,000
Proceeds from promissory note - related party		145,000
Advances from related parties	525,000
Repayment of advances from related parties		(103,825)
Payment of offering costs	(645,005)
Net cash provided by financing activities	22,604,995	41,175
Net Change in Cash	(565,404)	40,640
Cash – Beginning of period	1,071,253	25,000
Cash – End of period	505,849	65,640
Non-Cash investing and financing activities:
Offering costs paid through promissory note		$ 8,018

Description of Organization and Business Operations

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Ventoux CCM Acquisition Corp. (formerly known as Chardan Global Acquisition Corp.) (the “Company”) is a blank check company incorporated in Delaware on July 10, 2019. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business transaction with one or more businesses or entities (a “Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2021 the Company had not commenced any operations. All the Company’s activity through September 30, 2021 related to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on marketable securities held in the Trust Account (as defined below)

The registration statement for the Company’s Initial Public Offering was declared effective on December 23, 2020. On December 30, 2020, the Company consummated the Initial Public Offering of 15,000,000 Units (the “Units” and, with respect to the shares of common stock included in the Units sold, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $150,000,000, which is described in Note 4.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,000,000 warrants (the “Private Warrants”) at a price of $1.00 per Private Warrant in a private placement to Ventoux Acquisition Holdings LLC (“Ventoux Acquisition”), the co-sponsor and an affiliate of certain of the Company’s officers and directors, and Chardan International Investments, LLC (“Chardan Investments”), the co-sponsor and an affiliate of certain of the Company’s directors and Chardan Capital Markets, LLC, generating gross proceeds of $6,000,000, which is described in Note 5.

Following the closing of the Initial Public Offering on December 30, 2020, an amount of $151,500,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Warrants was placed in a trust account (the “Trust Account”), to be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 183 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account as described below.

On January 5, 2021, the underwriters fully exercised their over-allotment option. In connection with the underwriters’ exercise of their over-allotment option, the Company also consummated the sale of an additional 2,250,000 Units, at $10.00 per Unit, and the sale of an additional 675,000 Private Warrants, at $1.00 per Private Warrant, generating total gross proceeds of $23,175,000. A total of $22,725,000 of the net proceeds was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $174,225,000. As a result of the underwriters’ election to exercise their over-allotment option in full, 562,500 Founder Shares (as defined in Note 6) are no longer subject to forfeiture.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (net of amounts previously released to the Company to pay its tax obligations) at the time of the signing an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Company may require stockholders to vote for or against the Business Combination to be able to redeem their shares, and stockholders who do not vote, or who abstain from voting, on the Business Combination will not be able to redeem their shares. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially anticipated to be $10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s rights or warrants.

The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, Ventoux Acquisition, Chardan Investments and any other initial stockholders of the Company’s common stock prior to the Initial Public Offering (collectively, the “Initial Stockholders”) have agreed to (a) vote their Founder Shares and any Public Shares held by them in favor of a Business Combination and (b) not to convert any shares (including Founder Shares) in connection with a stockholder vote to approve a Business Combination or sell any such shares to the Company in a tender offer in connection with a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.

Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming their shares with respect to more than an aggregate of 20% of the Public Shares.

The Company will have until March 30, 2022 to consummate a Business Combination. However, if the Company anticipates that it may not be able to consummate a Business Combination by March 30, 2022, the Company may extend the period of time to consummate a Business Combination one time by an additional three months (until June 30, 2022) to complete a Business Combination (the “Combination Period”). In order to extend the time available for the Company to consummate a Business Combination, the Initial Stockholders or their affiliates or designees must deposit into the Trust Account $1,725,000 (due to the exercise in full of the underwriters’ over-allotment option) ($0.10 per Public Share), on or prior to the date of the applicable deadline.

If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than five business days thereafter, redeem 100% of the outstanding Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. The proceeds deposited in the Trust Account could, however, become subject to claims of creditors.

The Initial Stockholders have agreed to (i) waive their redemption rights with respect to Founder Shares and any Public Shares they may acquire during or after the Initial Public Offering in connection with the consummation of a Business Combination, (ii) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to consummate a Business Combination within the Combination Period and (iii) not to propose an amendment to the Company’s Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders an opportunity to redeem their Public Shares in conjunction with any such amendment. However, the Initial Stockholders will be entitled to liquidating distributions with respect to any Public Shares acquired if the Company fails to consummate a Business Combination or liquidates within the Combination Period.

In order to protect the amounts held in the Trust Account, certain of the Initial Stockholders (the “Insiders”) have agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.10 per share, except as to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Insiders will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Insiders will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Going Concern and Liquidity

As of September 30, 2021, the Company had $505,849 in its operating bank accounts, $174,262,524 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its common stock in connection therewith and working capital of $317,999. As of September 30, 2021, $37,524 of the amount on deposit in the Trust Account represented interest income, which is available to pay the Company’s tax obligations.

If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, suspending the pursuit of a Business Combination. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.

As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the liquidity condition and date for mandatory liquidation and dissolution raise substantial doubt about the Company’s ability to continue as a going concern through March 30, 2022, the scheduled liquidation date of the Company if it does not complete a Business Combination prior to such date. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Restatement of Previously Issued Financial Statements

9 Months Ended

Sep. 30, 2021

Condensed Financial Information Disclosure [Abstract]

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should restate its previously reported financial statements. During the quarter ended September 30, 2021, the Company determined that at the closing of the Company’s Initial Public Offering (including the sale of the shares issued pursuant to the exercise of the underwriters’ overallotment) it had improperly valued its common stock subject to possible redemption at the closing of the Company’s Initial Public Offering and the closing of the sale of shares pursuant to the exercise of the underwriters’ overallotment, it had improperly classified certain of its common stock subject to possible redemption. The Company previously determined the common stock subject to possible redemption to be equal to the redemption value of $10.10 per common stock while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the common stock issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that temporary equity should include all common stock subject to possible redemption, resulting in the common stock subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and common stock.

In connection with the change in presentation for the common stock subject to redemption, the Company also restated its income (loss) per common share calculation to no longer present redeemable and non-redeemable common stock per share and to present earnings per share for common stock as a whole. This presentation contemplates a Business Combination as the most likely outcome

There has been no change in the Company’s total assets, liabilities or operating results.

The impact of the restatement on the Company’s historical financial statements is reflected in the following tables.

	As Previously Reported		Adjustment			As Restated
Condensed Balance Sheet as of March 31, 2021 (unaudited)
Common stock subject to possible redemption	$	165,653,423	$	8,571,577		$	174,225,000
Common stock	$	516	$	(85	)	$	431
Additional paid-in capital	$	2,902,897	$	(2,902,897	)	$	—
Retained earnings (accumulated deficit)	$	2,096,596	$	(5,668,595	)	$	(3,571,999	)
Total Stockholders’ Equity (Deficit)	$	5,000,009	$	(8,571,577	)	$	(3,571,568	)
Number of shares subject to redemption		16,401,329		848,671			17,250,000

Condensed Balance Sheet as of June 30, 2021 (unaudited)
Common stock subject to possible redemption	$	167,097,180	$	7,127,820		$	174,225,000
Common stock	$	502	$	(71	)	$	431
Additional paid-in capital	$	1,459,154	$	(1,459,154	)	$	—
Retained earnings (accumulated deficit)	$	3,540,352	$	(5,668,595	)	$	(2,128,243	)
Total Stockholders’ Equity (Deficit)	$	5,000,008	$	(7,127,820	)	$	(2,127,812	)
Number of shares subject to redemption		16,544,275		705,725			17,250,000

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited)
Non-Cash investing and financing activities:
Initial classification of common stock subject to possible redemption from over-allotment	$	22,219,813	$	(22,219,813	)	$	—
Change in value of common stock subject to possible redemption	$	3,291,292	$	(3,291,292	)	$	—

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited)
Non-Cash investing and financing activities:
Initial classification of common stock subject to possible redemption	$	22,219,813	$	(22,219,813	)	$	—
Change in value of common stock subject to possible redemption	$	4,735,049	$	(4,735,049	)	$	—

Statement of Operations for the Three Months Ended March 31, 2021
Weighted average shares outstanding of redeemable common stock		17,125,000		(17,125,000	)		—
Basic and diluted net income (loss) per share, redeemable common stock	$	—	$	—		$	—
Weighted average shares outstanding of non-redeemable common stock		4,312,500		(4,312,500	)		—
Basic and diluted net income per share of non-redeemable common stock	$	0.80	$	(0.80	)	$	—
Weighted average shares outstanding of common stock		—		21,437,500			21,437,500
Basic and diluted net income per share, common stock	$	—	$	0.16		$	0.16

Statement of Operations for the Three Months Ended June 30, 2021
Weighted average shares outstanding of redeemable common stock		17,250,000		(17,250,000	)		—
Basic and diluted net income per share, redeemable common stock	$	—	$	—		$	—
Weighted average shares outstanding of non-redeemable common stock		4,312,500		(4,312,500	)		—
Basic and diluted net income per share of non-redeemable common stock	$	0.33	$	(0.33	)	$	—
Weighted average shares outstanding of common stock		—		21,562,500			21,562,500
Basic and diluted net income per share, common stock	$	—	$	0.07		$	0.07

Statement of Operations for the Six Months Ended June 30, 2021
Weighted average shares outstanding of redeemable common stock		17,250,000		(17,250,000	)		—
Basic and diluted net income per share, redeemable common stock	$	—	$	—		$	—
Weighted average shares outstanding of non-redeemable common stock		4,312,500		(4,312,500	)		—
Basic and diluted net income per share of non-redeemable common stock	$	1.14	$	(1.14	)	$	—
Weighted average shares outstanding of common stock		—		21,512,500			21,512,500
Basic and diluted net income per share, common stock	$	—	$	0.23		$	0.23

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, Amendment No. 2, for the year ended December 31, 2020 as filed with the SEC on December 3, 2021. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the unaudited condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and, accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of September 30, 2021 and December 31, 2020, respectively.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. Certain of the Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, shares of common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheets.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period.

At September 30, 2021, the common stock reflected in the condensed balance sheet are reconciled in the following table:

Gross proceeds	$	172,500,000
Less:
Proceeds allocated to Public Warrants	$	(10,275,000	)
Proceeds Allocated to Public Rights		(7,331,250	)
Common stock issuance costs		(3,968,164	)
Plus:
Accretion of carrying value to redemption value	$	23,299,414

Common stock subject to possible redemption	$	174,225,000

Warrant Liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including warrants to purchase shares of common stock, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The Company accounts for the Public Warrants and Private Warrants in accordance with the guidance contained in ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity,” under which the Private Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Private Warrants as liabilities at their fair value and adjusts the Private Warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statements of operations. The Private Warrants were initially and subsequently valued using a Modified Black-Scholes model, which is considered to be a Level 3 fair value measurement.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. As of September 30, 2021 and December 31, 2020, the Company had deferred tax assets with a full valuation allowance recorded against them.

The Company’s current taxable income primarily consists of interest earned on the Trust Account. The Company’s general and administrative costs are generally considered start-up costs and are not currently deductible. During the three and nine months ended September 30, 2021, the Company recorded income tax expense of $4,342. The Company’s effective tax rate for three and nine months ended September 30, 2021 differs from the expected income tax rate mainly due to change in fair value of warrants and the full valuation allowance on the Company’s deferred tax assets.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2021 and December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company may be subject to potential examination by federal, state and city taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal, state and city tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is subject to income tax examinations by major taxing authorities since inception.

Net income per Share of Common Stock

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income (loss) per common stock is computed by dividing net income (loss) by the weighted average number of common stock outstanding for the period. Accretion associated with the redeemable shares of common stock is excluded from earnings per share as the redemption value approximates fair value.

The Company has not considered the effect of (1) warrants sold in the Initial Public Offering to purchase 15,300,000 common stock, and (2) rights sold in the Initial Public Offering that convert into 862,500 common stock, in the calculation of diluted loss per share, since the exercise of warrants and the conversion of the rights into shares of common stock are contingent upon the occurrence of future events. As a result, diluted net loss per common stock is the same as basic net loss per common stock for the periods presented.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximate the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their short-term nature, except for the Private Warrants (see Note 9).

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of:

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.

Initial Public Offering

9 Months Ended

Sep. 30, 2021

Initial Public Offering Disclosure [Abstract]

INITIAL PUBLIC OFFERING

NOTE 4. INITIAL PUBLIC OFFERING

In connection with the Initial Public Offering, the Company sold 17,250,000 Units, inclusive of 2,250,000 Units sold to the underwriters on January 5, 2021 upon the underwriters’ election to fully exercise their over-allotment option at a purchase price of $10.00 per Unit. Each Unit consists of one share of common stock, one right to receive one-twentieth (1/20) of one share of common stock upon the consummation of a Business Combination and one warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one-half of one share of common stock at an exercise price of $11.50 per share (see Note 9).

Private Placement

9 Months Ended

Sep. 30, 2021

Private Placement [Abstract]

PRIVATE PLACEMENT

NOTE 5. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, Ventoux Acquisition purchased an aggregate of 4,000,000 Private Warrants and Chardan Investments purchased an aggregate of 2,000,000 Private Warrants, at $1.00 per Private Warrant resulting in combined aggregate purchase price of $6,000,000 in a private placement. On January 5, 2021, in connection with the underwriters’ election to fully exercise their over-allotment option, the Company sold an additional 450,000 and 225,000 Private Warrants to Ventoux Acquisition and Chardan Investments, respectively, at a price of $1.00 per Private Warrant, generating gross proceeds of $675,000. Each Private Warrant is exercisable to purchase one share of common stock at an exercise price of $11.50. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Warrants will expire worthless. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Warrants.

Related Party Transactions

9 Months Ended

Sep. 30, 2021

RELATED PARTY TRANSACTIONS

NOTE 6. RELATED PARTY TRANSACTIONS

Founder Shares

On September 19, 2019, Chardan Investments purchased 5,000,000 shares (the “Founder Shares”) for an aggregate price of $25,000. On July 23, 2020, Chardan Investments sold 3,250,000 Founder Shares back to the Company for an aggregate price of $16,250. On August 25, 2020, Chardan Investments transferred 256,375 Founder Shares back to the Company for nominal consideration, which shares were cancelled, resulting in Chardan Investments holding a balance of 1,493,625 Founder Shares. On July 23, 2020, Ventoux Acquisition purchased 3,250,000 Founder Shares from the Company for an aggregate price of $16,250. On August 25, 2020, Ventoux Acquisition transferred 431,125 Founder Shares back to the Company for nominal consideration, which shares were cancelled. On December 15, 2020, Ventoux Acquisition transferred 22,500 Founder Shares to Cindat USA LLC, an affiliate of one of the Company’s directors, and, on December 17, 2020, Ventoux Acquisition transferred an aggregate of 67,500 Founder Shares to three of the Company’s directors. As of the date hereof, Ventoux Acquisition holds 2,728,875 Founder Shares.

The 4,312,500 Founder Shares included an aggregate of up to 562,500 shares subject to forfeiture by the Initial Stockholders to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the Initial Stockholders would collectively own approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the Initial Stockholders do not purchase any Public Shares in the Initial Public Offering). As a result of the underwriters’ election to fully exercise their over-allotment option on January 5, 2021, the Founder Shares are no longer subject to forfeiture.

The Initial Stockholders have agreed that, subject to certain limited exceptions, 50% of the Founder Shares will not be transferred, assigned, sold or released from escrow until the earlier of (i) six months after the date of the consummation of a Business Combination or (ii) the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after a Business Combination and the remaining 50% of the Founder Shares will not be transferred, assigned, sold or released from escrow until six months after the date of the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Administrative Services Agreement

The Company entered into an agreement, commencing on December 23, 2020 through the earlier of the Company’s consummation of a Business Combination or its liquidation, to pay Chardan Capital Markets, LLC a total of $10,000 per month for office space, utilities and secretarial support. For the three and nine months ended September 30, 2021, the Company incurred $30,000 and $90,000 in fees for these services, respectively, of which $90,000 is included in accounts payable and accrued expenses in the accompanying unaudited condensed balance sheets as of September 30, 2021. As of December 31, 2020, there were no amounts accrued under this agreement. For the three and nine months ended September 30, 2020, the Company did not incur any fees for these services.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Initial Stockholders, an affiliate of the Initial Stockholders, or the Company’s officers and directors may, but are not obligated to, loan the Company funds from time to time or at any time, as may be required (“Working Capital Loans”). Each Working Capital Loan would be evidenced by a promissory note. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $500,000 of the notes may be converted upon completion of a Business Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Warrants. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Working Capital Loans made by Chardan Capital Markets, LLC or any of its related persons will not be convertible into Private Warrants and Chardan Capital Markets, LLC and its related persons will have no recourse with respect to their ability to convert their Working Capital Loans into Private Warrants. As of September 30, 2021 and December 31, 2020, no Working Capital Loans were outstanding.

Related Party Extension Loans

As discussed in Note 1, the Company may extend the period of time to consummate a Business Combination one time, for an additional three months (until June 30, 2022) to complete a Business Combination. In order to extend the time available for the Company to consummate a Business Combination, the Initial Stockholders or their affiliates or designees must deposit into the Trust Account $1,725,000 (due to the exercise in full of the underwriters’ over-allotment option), or $0.10 per Public Share, on or prior to the date of the applicable deadline. Any such payments would be made in the form of a loan. The terms of the promissory note to be issued in connection with any such loans have not yet been negotiated. If the Company completes a Business Combination, the Company would repay such loaned amounts out of the proceeds of the Trust Account released to the Company. If the Company does not complete a Business Combination, the Company will not repay such loans. The Initial Stockholders and their affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete a Business Combination.

Advances from Related Parties

Related parties advanced the Company approximately $2,520,000 to pay for certain offering costs in connection with the Initial Public Offering. At June 30, 2021, the full balance of advances was repaid. At December 31, 2020, $120,005 was owed to some of these related parties.

Commitments

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

NOTE 7. COMMITMENTS

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

Registration and Stockholder Rights

Pursuant to a registration rights agreement entered into on December 23, 2020, the holders of the Founder Shares and the Private Warrants and securities that may be issued upon conversion of Working Capital Loans will be entitled to registration and stockholder rights pursuant to an agreement. The holders of a majority of these securities are entitled to make up to two demands that the Company register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the Private Warrants (and underlying securities) can elect to exercise these registration rights at any time after the Company.

Underwriting Agreement

The Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to 2,250,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On January 5, 2021, the underwriters elected to fully exercise the over-allotment option to purchase an additional 2,250,000 Units at a price of $10.00 per Unit.

The underwriters were paid cash underwriting discount of $0.20 per Unit, or $3,450,000 in the aggregate, upon the closing of the Initial Public Offering and the over-allotment option.

Business Combination Marketing Agreement

The Company has engaged Chardan Capital Markets, LLC as an advisor in connection with a Business Combination to assist the Company in holding meetings with its stockholders to discuss the potential Business Combination and the target business’s attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities in connection with the potential Business Combination, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay Chardan Capital Markets, LLC a marketing fee for such services upon the consummation of a Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the Initial Public Offering, including proceeds from the exercise of the underwriters’ over-allotment option. As a result, Chardan Capital Markets, LLC will not be entitled to such fee unless the consummates its Business Combination.

Stockholders’ Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 8. STOCKHOLDERS’ EQUITY

Preferred Stock — Per the Company’s Amended and Restated Certificate of Incorporation, the Company is authorized to issue up to 1,000,000 shares of preferred stock. As of September 30, 2021 and December 31, 2020, there were no shares of preferred stock issued or outstanding.

Common Stock – The Company is authorized to issue 50,000,000 shares of common stock with a par value of $0.0001 per share. Holders of common stock are entitled to one vote for each share. At September 30, 2021 and December 31, 2020, there were 4,312,500 shares of common stock issued and outstanding, excluding 17,250,000 and 15,000,000 shares of common stock, respectively, subject to possible redemption and presented as temporary equity.

Rights — Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive one-twentieth (1/20) of a share of common stock upon consummation of the Business Combination, even if the holder of a right converted all shares held by him, her or it in connection with the Business Combination or an amendment to the Company’s Certificate of Incorporation with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of the Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-twentieth (1/20) of a share of common stock underlying each right upon consummation of the Business Combination. No additional consideration will be required to be paid by a holder of rights in order to receive his, her or its additional share of common stock upon consummation of the Business Combination. The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company). If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of shares of common stock will receive in the transaction on an as-converted into common stock basis.

The Company will not issue fractional shares in connection with an exchange of rights, so holders must hold rights in denominations of 20 in order to receive a share of the Company’s common stock at the closing of the initial Business Combination. If the Company is unable to complete an initial Business Combination within the required time period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Publisher FASB
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+ Details

Warrants

9 Months Ended

Sep. 30, 2021

Warrants Disclosure [Abstract]

WARRANTS

NOTE 9. WARRANTS

Warrants — There are 8,625,000 and 7,500,000 Public Warrants outstanding as of September 30, 2021 and December 31, 2020, respectively. The Public Warrants will become exercisable at any time commencing on the later of one year after the closing of the Initial Public Offering or the consummation of a Business Combination; provided that the Company has an effective and current registration statement covering the shares of common stock issuable upon the exercise of the Public Warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the public warrants is not effective within 120 days from the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company may redeem the Public Warrants:

●

in whole and not in part;

●

at a price of $0.01 per warrant;

●

at any time while the warrants are exercisable;

●

upon not less than 30 days’ prior written notice of redemption to each warrant holder;

●

if, and only if, the reported last sale price of the share of common stock equals or exceeds $16.50 per share, for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and

●

if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights or warrants will not receive any of such funds with respect to their rights or warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such rights or warrants. Accordingly, the rights and warrants may expire worthless.

In addition, if the Company issues additional common stock or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the co-sponsors or their affiliates, without taking into account any Founder Shares held by the co-sponsors or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Newly Issued Price, and the $16.50 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 165% of the market value (the volume weighted average trading price of its common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination).

The Public Warrants are accounted for as equity on the condensed balance sheets.

The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering except that each Private Warrant is exercisable for one share of common stock at an exercise price of $11.50 per share, the Private Warrants will be exercisable for cash (even if a registration statement covering the shares of common stock issuable upon exercise of such warrants is not effective) or on a cashless basis, at the holder’s option, and will not be non-redeemable by the Company, in each case, so long as they are held by the initial purchasers or their affiliates. As of September 30, 2021 and December 31, 2020, there are 6,675,000 and 6,000,000 Private Warrants outstanding, respectively.

The Private Warrants are accounted for as liabilities on the condensed balance sheets.

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 10. FAIR VALUE MEASUREMENTS

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 “Investments — Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheets and adjusted for the amortization or accretion of premiums or discounts.

The Company presents its investment in money market funds on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in interest income in the accompanying statements of operations. The estimated fair values of investments held in the trust account are determined using available market information.

At September 30, 2021, assets held in the Trust Account was comprised of $174,262,524 in money market funds which are invested primarily in U.S. Treasury Securities. During the three and nine months ended September 30, 2021, the Company did not withdraw any interest income from the Trust Account.

At December 31, 2020, assets held in the Trust Account were comprised of $151,500,000 in cash.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

Description	Level		September 30, 2021		December 31, 2020
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund		1	$	174,262,524	$	—

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description	Level		September 30, 2021		December 31, 2020
Liabilities:
Warrant Liabilities – Private Warrants		3	$	1,668,750	$	7,320,000

The Private Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented in the statements of operations.

The Private Warrants were initially and subsequently valued using a Modified Black-Scholes model, which is considered to be a Level 3 fair value measurement. The Modified Black-Scholes model’s primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility of the common stock. The expected volatility was derived from observable public warrant pricing on comparable ‘blank-check’ companies without an identified target. The expected volatility as of subsequent valuation dates will be implied from the Company’s own Public Warrant pricing. Inherent in a Black-Scholes model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be materially different. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

The following table presents the quantitative information regarding Level 3 fair value measurements of the warrant liabilities:

	September 30, 2021			December 31, 2020
Exercise price	$	11.50		$	11.50
Stock price	$	10.00		$	10.00
Volatility		6.50	%		19.15	%
Term		5.00			5.00
Risk-free rate		0.98	%		0.36	%
Dividend yield		0.0	%		0.0	%

The following table presents the changes in the fair value of level 3 warrant liabilities:

	Private Placement
Fair value as of December 31, 2020	$	7,320,000
Initial measurement on January 5, 2021 (Over allotment)		837,000
Change in fair value		(6,488,250	)
Fair value as of September 30, 2021		1,668,750

Transfers to/from levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers in or out of Level 3 from other levels in the fair value hierarchy during the three and nine months ended September 30, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 11. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, other than described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements.

Merger Agreement

On November 10, 2021, the Company entered into an agreement and plan of merger by and among the Company, Ventoux Merger Sub I Inc., a Delaware corporation and a direct, wholly-owned subsidiary of the Company (“Ventoux Merger Sub”), Ventoux Merger Sub II, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of the Company (“Ventoux Merger Sub II”), and E La Carte, Inc., d/b/a Presto, Inc., a Delaware corporation (“Presto”) (as amended and/or restated from time to time, the “Merger Agreement”). The Merger Agreement has been approved by the Company’s and Presto’s board of directors. Subject to the satisfaction or waiver of certain closing conditions set forth in the Merger Agreement, including the approval of the Merger Agreement and the transactions contemplated thereby by Presto and the Company’s stockholders, (a) Ventoux Merger Sub will merge with and into Presto (the “First Merger”), with Presto being the surviving entity in the First Merger and continuing (immediately following the First Merger) as a wholly-owned subsidiary of the Company (the “Surviving Corporation”), and (b) immediately following the First Merger and as part of the same overall transaction as the First Merger, the Surviving Corporation will merge with and into Ventoux Merger Sub II (the “Second Merger”), with Ventoux Merger Sub II being the surviving entity in the Second Merger and continuing (immediately following the Second Merger) as a wholly-owned subsidiary of the Company (the “Mergers” and the other agreements and transactions contemplated by the Merger Agreement, the “Proposed Business Combination”). In addition, in connection with the consummation of the Proposed Business Combination, the Company will be renamed Presto Technologies, Inc. and is referred to herein as “New Presto” as of the time of such change of name.

Pursuant to the Merger Agreement, subject to the satisfaction or waiver of certain closing conditions set forth therein, at the closing of the Proposed Business Combination (the “Closing”), the Company will acquire all of the outstanding equity interests of Presto, and stockholders of Presto will receive $800,000,000 in aggregate consideration (the “Aggregate Base Consideration”) in the form of newly issued common stock in New Presto, calculated based on a price of $10.00 per share.

In addition to the Aggregate Base Consideration, Presto stockholders may be entitled to receive, as additional consideration, and without any action on behalf of the Company, Ventoux Merger Sub, Ventoux Merger Sub II or the Company’s stockholders, 15,000,000 additional shares of common stock of New Presto (the “Presto Earnout Shares”), to be issued as follows: (A) 7,500,000 Presto Earnout Shares, if, during the period from and after the Closing until the third anniversary of the Closing, the Volume Weighted Average Price (“VWAP” as defined in the Merger Agreement) of New Presto common stock is greater than or equal to $12.50 for any 20 trading days within a period of 30 consecutive trading days, and (B) an additional 7,500,000 Presto Earnout Shares, if, during the period from and after the Closing until the fifth anniversary of the Closing, the VWAP of New Presto common stock is greater than or equal to $15.00 for any 20 trading days within a period of 30 consecutive trading days.

Pursuant to the Merger Agreement, at the time the First Merger becomes effective (the “Effective Time”), each option exercisable for Presto equity that is outstanding and unexercised immediately prior to the Effective Time will be assumed and converted into a newly issued option exercisable for common stock of New Presto. At the Effective Time, each warrant of Presto that is outstanding and unexercised immediately prior to the Effective Time shall, in accordance with its terms, either be (i) cancelled and converted into the right to receive common stock of New Presto, or (ii) assumed and converted into a newly issued warrant exercisable for common stock of New Presto. Immediately prior to the Effective Time, each convertible promissory note convertible for Presto equity that is issued and outstanding shall be cancelled and converted into the right to receive common stock of New Presto in accordance with the terms therein.

Subscription Agreements

The Company entered into equity subscription agreements (the “Equity Subscription Agreements”) each dated as of November 10, 2021, with certain accredited investors, pursuant to which, among other things, the Company agreed to issue and sell, in private placements to close immediately prior to or substantially concurrently with the Closing, an aggregate of 1,500,000 shares of common stock for $10.00 per share. The Equity Subscription Agreements provide that the Company must file a registration statement to register the resale of the subscribed common stock no later than 30 days after the closing date of the Proposed Business Combination (the “Closing Date”).

The Company also entered into a convertible note subscription agreement (the “Convertible Note Subscription Agreement” and, together with the Equity Subscription Agreements, the “Subscription Agreements”), each dated as of November 10, 2021, with an institutional accredited investor (collectively, the “Note Investor”), pursuant to which, among other things, the Company agreed to issue and sell, in a private placement to close immediately prior to the Closing, an aggregate of $55,000,000 in aggregate principal amount of convertible notes (the “Notes”) and an aggregate of 1,000,000 warrants (the “Note Financing Warrants”).

At any time prior to the close of business on the second trading day immediately preceding the maturity date of the Notes, the Notes will be convertible, at each holder’s option, into shares of common stock of New Presto at an initial conversion price equal to the lesser of (i) $13.00 and (ii) a 30% premium to the lowest per share price at which any equity of the Company is issued within 15 days prior to the Closing Date (the “Conversion Rate”). In the event of a conversion in connection with a Fundamental Change (as defined below) or a Company Redemption (as defined below), the Conversion Rate will be increased by a number of additional shares set forth in a usual and customary “make-whole table” to be included in the indenture governing the Notes (the “Indenture”).

At any time on or after the first anniversary of the issuance of the Notes until the second business day prior to maturity, the Notes will be convertible, in whole but not in part, at the Company’s option (a “Mandatory Conversion”) if the closing price of common stock is greater than or equal to 130% of the conversion price of the Notes for 20 trading days during any 30-consecutive-trading-day period ending on day before the notice of the Mandatory Conversion is given. The Conversion Rate in connection with a Mandatory Conversion will be increased by a number of additional shares pursuant to the make-whole table described above.

In addition, the Company may redeem the Notes at any time prior to the 21st trading day before maturity by paying, in cash, the principal, accrued interest, and a premium equal to, (1) through third anniversary, the present value of all remaining scheduled interest payments, computed using a discount rate equal to the Treasury Rate (to be defined in the Indenture) plus 0.50%, and warrants to purchase a number of shares equal to 50% of the number of shares into which the Notes redeemed were convertible, or (2) between third anniversary and maturity, of all remaining scheduled interest payments, computed using a discount rate equal to the Treasury Rate.

Each holder of a Note will have the right to cause the Company to repurchase for cash all or a portion of the Notes held by such holder at any time upon the occurrence of a “fundamental change,” a customary definition of which will be agreed in the Indenture (a “Fundamental Change”), at a repurchase price equal to 100% of the principal amount of such Notes plus accrued and unpaid interest thereon to, but excluding, the repurchase date.

The Company will pay interest on the principal amount of the Notes in cash or in kind, at the Company’s election. If the Company elects to pay interest in cash (“Cash Interest”), the interest on the Notes will accrue at a rate of 9.0% per annum and be payable in cash. If the Company elects to pay interest in kind (“PIK Interest”), the interest on the Notes will be increased to a rate of 11.0% per annum. PIK Interest will be payable either (x) by increasing the principal amount of the outstanding Notes by an amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest $1.00) or (y) if the Notes are no longer held as global notes, by issuing additional Notes in certificated form in an aggregate principal amount equal to the amount of PIK Interest for the period (rounded up to the nearest $1.00). Following an increase in the principal amount of the outstanding Notes as a result of a PIK Interest payment, the Notes will bear interest on such increased principal amount.

The Note Financing Warrants have the same terms and conditions as the Company’s outstanding publicly held warrants, except that each Note Financing Warrant is exercisable into one whole share of common stock at an exercise price of $11.50 per share. The Note Financing Warrants, like the publicly held warrants, may be redeemed if, among other conditions, the reported last sale price of the Company common stock equals or exceeds $16.50 per share, for any 20 trading days within a 30-day trading period ending on the third business day prior to the date of the notice of redemption to warrantholders.

Sponsor Support Agreement

In connection with the execution of the Merger Agreement, the Sponsors, Presto’s directors and officers and certain affiliates of the Sponsors (together, the “Sponsor Parties”) entered into a Sponsor Support Agreement (the “Sponsor Agreement”) with the Company and Presto, pursuant to which the Sponsor Parties agreed, among other things, to vote all shares of the Company common stock beneficially owned by them in favor of each of the proposals at the Company Special Meeting and against any proposal that would impede the Proposed Business Combination. The Sponsor Agreement also provides that the Sponsor Parties will not redeem any shares of the Company common stock.

The Sponsor Parties agreed to subject the founder shares they acquired prior to the Company initial public offering to lock-up restrictions. During the period beginning on the Closing Date until the period beginning on the Closing Date to six months after the Closing Date, the Sponsor Parties may not transfer any of its, his or her founder shares, and during the period beginning on the date that is six months after the Closing Date to 12 twelve months after the Closing Date, the Sponsor Parties may only transfer up to 50% of its, his or her founder shares, in each case except for certain limited permitted transfers. In addition, the Sponsor Parties agreed that they will not transfer any privately placed warrants, acquired prior to the Company initial public offering, during the period from the Closing Date to 12 months after the Closing Date.

The Sponsors also agreed to subject their founder shares to vesting and forfeiture provisions as set forth in the Sponsor Agreement based on the number of public shares redeemed at the closing of the Proposed Business Combination (such shares, the “Sponsors’ Earnout Shares”). Pursuant to the Sponsor Agreement, at the Closing, (i) in the case of redemptions of public shares of 90% or more, 15% of the Sponsors’ founder shares that are owned immediately after the Closing will be subject to vesting, (ii) in the case of redemptions of public shares of between 80% and 90%, 10% of the Sponsors’ founder shares that are owned immediately after the Closing will be subject to vesting, (iii) in the case of redemptions of public shares of between 70% and 80%, 5% of the Sponsors’ founder shares that are owned immediately after the Closing will be subject to vesting and (iv) in the case of redemptions of public shares of less than 70%, none of the Sponsors’ founder shares will be subject to vesting. The Sponsors’ Earnout Shares will vest if, during the period from and after the Closing until the fifth anniversary of the Closing, the VWAP of New Presto common stock is greater than or equal to $12.50 for any 40 trading days within a period of 60 consecutive trading days.

Presto Stockholder Support Agreement

In connection with the execution of the Merger Agreement, certain stockholders of Presto (collectively, the “Presto Supporting Stockholders”) entered into support agreements (collectively, the “Stockholder Support Agreements”), pursuant to which each Presto Supporting Stockholder agreed to, among other things, vote in favor of the Merger Agreement and the transactions contemplated thereby (including the Proposed Business Combination), not to transfer his, her or its Presto shares prior to the Closing Date, and to execute the Amended and Restated Registration Rights Agreement (as defined below) at the Closing Date.

The Presto Stockholder Support Agreements provide that during the period beginning on the Closing Date and ending on the date that is six months after the Closing Date, the Presto Supporting Stockholders may not transfer any of their shares of New Presto common stock, and during the period beginning on the date that is six months after the Closing Date and ending on the date that is 12 months after the Closing Date, the Presto Supporting Stockholders may only transfer up to 50% of their New Presto common stock, in each case, except for certain limited permitted transfers.

The Proposed Business Combination is expected to be consummated after receipt of the required approvals by the stockholders of the Company and Presto and the satisfaction or waiver of certain other customary conditions. For full details and the filed agreements, refer to our Current Report on 8-K announcing the Merger Agreement filed on November 10, 2021.

Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Emerging Growth Company

Emerging Growth Company

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Common Stock Subject to Possible Redemption

Common Stock Subject to Possible Redemption

At September 30, 2021, the common stock reflected in the condensed balance sheet are reconciled in the following table:

Gross proceeds	$	172,500,000
Less:
Proceeds allocated to Public Warrants	$	(10,275,000	)
Proceeds Allocated to Public Rights		(7,331,250	)
Common stock issuance costs		(3,968,164	)
Plus:
Accretion of carrying value to redemption value	$	23,299,414

Common stock subject to possible redemption	$	174,225,000

Warrant Liabilities

Warrant Liabilities

Income Taxes

Income Taxes

Net income per Share of Common Stock

Net income per Share of Common Stock

Concentration of Credit Risk

Concentration of Credit Risk

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair Value Measurements

Fair Value Measurements

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Recent Accounting Standards

Recent Accounting Standards

Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of impact of the revision on financial statements

	As Previously Reported		Adjustment			As Restated
Condensed Balance Sheet as of March 31, 2021 (unaudited)
Common stock subject to possible redemption	$	165,653,423	$	8,571,577		$	174,225,000
Common stock	$	516	$	(85	)	$	431
Additional paid-in capital	$	2,902,897	$	(2,902,897	)	$	—
Retained earnings (accumulated deficit)	$	2,096,596	$	(5,668,595	)	$	(3,571,999	)
Total Stockholders’ Equity (Deficit)	$	5,000,009	$	(8,571,577	)	$	(3,571,568	)
Number of shares subject to redemption		16,401,329		848,671			17,250,000

Condensed Balance Sheet as of June 30, 2021 (unaudited)
Common stock subject to possible redemption	$	167,097,180	$	7,127,820		$	174,225,000
Common stock	$	502	$	(71	)	$	431
Additional paid-in capital	$	1,459,154	$	(1,459,154	)	$	—
Retained earnings (accumulated deficit)	$	3,540,352	$	(5,668,595	)	$	(2,128,243	)
Total Stockholders’ Equity (Deficit)	$	5,000,008	$	(7,127,820	)	$	(2,127,812	)
Number of shares subject to redemption		16,544,275		705,725			17,250,000

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited)
Non-Cash investing and financing activities:
Initial classification of common stock subject to possible redemption from over-allotment	$	22,219,813	$	(22,219,813	)	$	—
Change in value of common stock subject to possible redemption	$	3,291,292	$	(3,291,292	)	$	—

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited)
Non-Cash investing and financing activities:
Initial classification of common stock subject to possible redemption	$	22,219,813	$	(22,219,813	)	$	—
Change in value of common stock subject to possible redemption	$	4,735,049	$	(4,735,049	)	$	—

Statement of Operations for the Three Months Ended March 31, 2021
Weighted average shares outstanding of redeemable common stock		17,125,000		(17,125,000	)		—
Basic and diluted net income (loss) per share, redeemable common stock	$	—	$	—		$	—
Weighted average shares outstanding of non-redeemable common stock		4,312,500		(4,312,500	)		—
Basic and diluted net income per share of non-redeemable common stock	$	0.80	$	(0.80	)	$	—
Weighted average shares outstanding of common stock		—		21,437,500			21,437,500
Basic and diluted net income per share, common stock	$	—	$	0.16		$	0.16

Statement of Operations for the Three Months Ended June 30, 2021
Weighted average shares outstanding of redeemable common stock		17,250,000		(17,250,000	)		—
Basic and diluted net income per share, redeemable common stock	$	—	$	—		$	—
Weighted average shares outstanding of non-redeemable common stock		4,312,500		(4,312,500	)		—
Basic and diluted net income per share of non-redeemable common stock	$	0.33	$	(0.33	)	$	—
Weighted average shares outstanding of common stock		—		21,562,500			21,562,500
Basic and diluted net income per share, common stock	$	—	$	0.07		$	0.07

Statement of Operations for the Six Months Ended June 30, 2021
Weighted average shares outstanding of redeemable common stock		17,250,000		(17,250,000	)		—
Basic and diluted net income per share, redeemable common stock	$	—	$	—		$	—
Weighted average shares outstanding of non-redeemable common stock		4,312,500		(4,312,500	)		—
Basic and diluted net income per share of non-redeemable common stock	$	1.14	$	(1.14	)	$	—
Weighted average shares outstanding of common stock		—		21,512,500			21,512,500
Basic and diluted net income per share, common stock	$	—	$	0.23		$	0.23

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedule of common stock reflected in the condensed balance sheet

Gross proceeds	$	172,500,000
Less:
Proceeds allocated to Public Warrants	$	(10,275,000	)
Proceeds Allocated to Public Rights		(7,331,250	)
Common stock issuance costs		(3,968,164	)
Plus:
Accretion of carrying value to redemption value	$	23,299,414

Common stock subject to possible redemption	$	174,225,000

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities that are measured at fair value on a recurring basis

Description	Level		September 30, 2021		December 31, 2020
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund		1	$	174,262,524	$	—

Description	Level		September 30, 2021		December 31, 2020
Liabilities:
Warrant Liabilities – Private Warrants		3	$	1,668,750	$	7,320,000

Schedule of information regarding level 3 fair value measurements of the warrant liabilities

	September 30, 2021			December 31, 2020
Exercise price	$	11.50		$	11.50
Stock price	$	10.00		$	10.00
Volatility		6.50	%		19.15	%
Term		5.00			5.00
Risk-free rate		0.98	%		0.36	%
Dividend yield		0.0	%		0.0	%

Schedule of changes in the fair value of level 3 warrant liabilities

	Private Placement
Fair value as of December 31, 2020	$	7,320,000
Initial measurement on January 5, 2021 (Over allotment)		837,000
Change in fair value		(6,488,250	)
Fair value as of September 30, 2021		1,668,750

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details

Description of Organization and Business Operations (Details) - USD ($)		1 Months Ended	9 Months Ended
	Jan. 05, 2021	Dec. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Description of Organization and Business Operations (Details) [Line Items]
Gross proceeds	$ 23,175,000
Net proceeds	22,725,000
Aggregate proceeds held in the trust account	$ 174,225,000
Fair market value, percentage			80.00%
Net tangible assets			$ 5,000,001
Aggregate public shares, percentage			20.00%
Proposed public offering, description			In order to extend the time available for the Company to consummate a Business Combination, the Initial Stockholders or their affiliates or designees must deposit into the Trust Account $1,725,000 (due to the exercise in full of the underwriters’ over-allotment option) ($0.10 per Public Share), on or prior to the date of the applicable deadline.
Outstanding public shares, percentage			100.00%
Obligation to redeem public shares, percentage			100.00%
Trust account, price per share (in Dollars per share)			$ 10.1
Operating bank accounts			$ 505,849
Securities held in the trust account			174,262,524	$ 151,500,000
Working capital			317,999
Deposit amount in trust account			$ 37,524
Business Acquisitions [Member]
Description of Organization and Business Operations (Details) [Line Items]
Percentage of outstanding voting securities			50.00%
Price per share (in Dollars per share)			$ 10.1
IPO [Member]
Description of Organization and Business Operations (Details) [Line Items]
Shares issued (in Shares)		15,000,000
Price per warrant shares (in Dollars per share)		$ 10
Proceeds from initial public offering		$ 150,000,000
Net proceeds		$ 151,500,000
Public share price (in Dollars per share)		$ 10.1
Private Placement [Member]
Description of Organization and Business Operations (Details) [Line Items]
Price per warrant shares (in Dollars per share)	$ 1
Purchase of warrants (in Shares)	675,000		6,000,000
Price per warrant (in Dollars per share)			$ 1
Gross proceeds			$ 6,000,000
Over-Allotment Option [Member]
Description of Organization and Business Operations (Details) [Line Items]
Shares issued (in Shares)	2,250,000
Price per warrant shares (in Dollars per share)	$ 10
Proceeds from initial public offering			$ 3,450,000
Over-Allotment Option [Member] \| Founder Shares [Member]
Description of Organization and Business Operations (Details) [Line Items]
Shares subject to forfeiture (in Shares)	562,500

Restatement of Previously Issued Financial Statements (Details)	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares
Condensed Financial Information Disclosure [Abstract]
Redemption share price \| $ / shares	$ 10.1
Net tangible assets \| $	$ 5,000,001

Restatement of Previously Issued Financial Statements (Details) - Schedule of impact of the revision on financial statements - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
As Previously Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock subject to possible redemption	$ 167,097,180	$ 165,653,423	$ 167,097,180
Common stock	502	516	502
Additional paid-in capital	1,459,154	2,902,897	1,459,154
Retained earnings (accumulated deficit)	3,540,352	2,096,596	3,540,352
Total Stockholders’ Equity (Deficit)	$ 5,000,008	$ 5,000,009	$ 5,000,008
Number of shares subject to redemption (in Shares)	16,544,275	16,401,329	16,544,275
Non-Cash investing and financing activities:
Initial classification of common stock subject to possible redemption from over-allotment		$ 22,219,813	$ 22,219,813
Initial classification of common stock subject to possible redemption		22,219,813	22,219,813
Change in value of common stock subject to possible redemption		$ 3,291,292	$ 4,735,049
Weighted average shares outstanding of redeemable common stock (in Shares)	17,250,000	17,125,000	17,250,000
Basic and diluted net income (loss) per share, redeemable common stock (in Dollars per share)
Weighted average shares outstanding of non-redeemable common stock (in Shares)	4,312,500	4,312,500	4,312,500
Basic and diluted net income per share of non-redeemable common stock (in Dollars per share)	$ 0.33	$ 0.8	$ 1.14
Weighted average shares outstanding of common stock (in Shares)
Basic and diluted net income per share, common stock (in Dollars per share)
Adjustment [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock subject to possible redemption	$ 7,127,820	$ 8,571,577	$ 7,127,820
Common stock	(71)	(85)	(71)
Additional paid-in capital	(1,459,154)	(2,902,897)	(1,459,154)
Retained earnings (accumulated deficit)	(5,668,595)	(5,668,595)	(5,668,595)
Total Stockholders’ Equity (Deficit)	$ (7,127,820)	$ (8,571,577)	$ (7,127,820)
Number of shares subject to redemption (in Shares)	705,725	848,671	705,725
Non-Cash investing and financing activities:
Initial classification of common stock subject to possible redemption from over-allotment		$ (22,219,813)	$ (22,219,813)
Initial classification of common stock subject to possible redemption		(22,219,813)	(22,219,813)
Change in value of common stock subject to possible redemption		$ (3,291,292)	$ (4,735,049)
Weighted average shares outstanding of redeemable common stock (in Shares)	(17,250,000)	(17,125,000)	(17,250,000)
Basic and diluted net income (loss) per share, redeemable common stock (in Dollars per share)
Weighted average shares outstanding of non-redeemable common stock (in Shares)	(4,312,500)	(4,312,500)	(4,312,500)
Basic and diluted net income per share of non-redeemable common stock (in Dollars per share)	$ (0.33)	$ (0.8)	$ (1.14)
Weighted average shares outstanding of common stock (in Shares)	21,562,500	21,437,500	21,512,500
Basic and diluted net income per share, common stock (in Dollars per share)	$ 0.07	$ 0.16	$ 0.23
As Restated [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock subject to possible redemption	$ 174,225,000	$ 174,225,000	$ 174,225,000
Common stock	431	431	431
Additional paid-in capital
Retained earnings (accumulated deficit)	(2,128,243)	(3,571,999)	(2,128,243)
Total Stockholders’ Equity (Deficit)	$ (2,127,812)	$ (3,571,568)	$ (2,127,812)
Number of shares subject to redemption (in Shares)	17,250,000	17,250,000	17,250,000
Non-Cash investing and financing activities:
Initial classification of common stock subject to possible redemption from over-allotment
Initial classification of common stock subject to possible redemption
Change in value of common stock subject to possible redemption
Weighted average shares outstanding of redeemable common stock (in Shares)
Basic and diluted net income (loss) per share, redeemable common stock (in Dollars per share)
Weighted average shares outstanding of non-redeemable common stock (in Shares)
Basic and diluted net income per share of non-redeemable common stock (in Dollars per share)
Weighted average shares outstanding of common stock (in Shares)	21,562,500	21,437,500	21,512,500
Basic and diluted net income per share, common stock (in Dollars per share)	$ 0.07	$ 0.16	$ 0.23

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Income tax expense			$ 4,342
Aggregate of shares			15,300,000
Conversion of common stock shares			862,500
Federal depository insurance coverage			$ 250,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Summary of Significant Accounting Policies (Details) - Schedule of common stock reflected in the condensed balance sheet	9 Months Ended
	Sep. 30, 2021 USD ($)
Schedule of common stock reflected in the condensed balance sheet [Abstract]
Gross proceeds	$ 172,500,000
Less:
Proceeds allocated to Public Warrants	(10,275,000)
Proceeds Allocated to Public Rights	(7,331,250)
Common stock issuance costs	(3,968,164)
Plus:
Accretion of carrying value to redemption value	23,299,414
Common stock subject to possible redemption	$ 174,225,000

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Initial Public Offering (Details) - $ / shares		9 Months Ended
Initial Public Offering (Details) - $ / shares	Jan. 05, 2021	Sep. 30, 2021
IPO [Member]
Initial Public Offering (Details) [Line Items]
Public offering shares	17,250,000
Sale of stock, description		Each Unit consists of one share of common stock, one right to receive one-twentieth (1/20) of one share of common stock upon the consummation of a Business Combination and one warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one-half of one share of common stock at an exercise price of $11.50 per share (see Note 9).
Over-Allotment Option [Member]
Initial Public Offering (Details) [Line Items]
Public offering shares	2,250,000
Purchase price per share (in Dollars per share)	$ 10

Private Placement (Details) - USD ($)		9 Months Ended
Private Placement (Details) - USD ($)	Jan. 05, 2021	Sep. 30, 2021	Dec. 31, 2020
Private Placement (Details) [Line Items]
Price per warrant (in Dollars per share)		$ 10	$ 10
Sale of additional warrants		8,625,000	7,500,000
Private placement, description	Each Private Warrant is exercisable to purchase one share of common stock at an exercise price of $11.50.
IPO [Member] \| Sponsor [Member]
Private Placement (Details) [Line Items]
Aggregate purchase of private warrants		4,000,000
Private Placement Warrants [Member]
Private Placement (Details) [Line Items]
Aggregate purchase of private warrants		2,000,000
Price per warrant (in Dollars per share)		$ 1
Sale of additional warrants	225,000	6,675,000	6,000,000
Over-Allotment Option [Member]
Private Placement (Details) [Line Items]
Price per warrant (in Dollars per share)	$ 10
Aggregate purchase price (in Dollars)		$ 6,000,000
Sale of additional warrants	450,000
Private Warrant [Member]
Private Placement (Details) [Line Items]
Price per warrant (in Dollars per share)	$ 1
Generating gross proceeds (in Dollars)	$ 675,000

Related Party Transactions (Details) - USD ($)		1 Months Ended					3 Months Ended	9 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 15, 2020	Dec. 23, 2020	Dec. 17, 2020	Aug. 25, 2020	Jul. 23, 2020	Sep. 19, 2019	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Related Party Transactions (Details) [Line Items]
Aggregate price (in Dollars)					$ 16,250
Founder shares holding			2,728,875
Shares subject to forfeiture							562,500	562,500
Issued and outstanding common stock percentage								20.00%
Founder shares, description								The Initial Stockholders have agreed that, subject to certain limited exceptions, 50% of the Founder Shares will not be transferred, assigned, sold or released from escrow until the earlier of (i) six months after the date of the consummation of a Business Combination or (ii) the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after a Business Combination and the remaining 50% of the Founder Shares will not be transferred, assigned, sold or released from escrow until six months after the date of the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property.
Office space expenses (in Dollars)		$ 10,000
Services fees (in Dollars)							$ 30,000	$ 90,000
Accounts payable and accrued expenses (in Dollars)							90,000	90,000
Notes converted amount (in Dollars)								$ 500,000
Price per warrant (in Dollars per share)								$ 1
Business combination, description								In order to extend the time available for the Company to consummate a Business Combination, the Initial Stockholders or their affiliates or designees must deposit into the Trust Account $1,725,000 (due to the exercise in full of the underwriters’ over-allotment option), or $0.10 per Public Share, on or prior to the date of the applicable deadline. Any such payments would be made in the form of a loan.
Related parties advanced (in Dollars)							$ 2,520,000	$ 2,520,000	$ 120,005
Director [Member]
Related Party Transactions (Details) [Line Items]
Shares issued			67,500
Founder Shares [Member]
Related Party Transactions (Details) [Line Items]
Founder shares				256,375	3,250,000	5,000,000		4,312,500
Aggregate price (in Dollars)					$ 16,250	$ 25,000
Outstanding shares				1,493,625
Shares issued					3,250,000
Shares transferred for nominal consideration				431,125
Founder shares holding	22,500

Commitments (Details) - USD ($)		9 Months Ended
Commitments (Details) - USD ($)	Jan. 05, 2021	Sep. 30, 2021	Dec. 31, 2020
Commitments (Details) [Line Items]
Purchase price per share		$ 10	$ 10
Underwriting discount		$ 0.2
Gross proceeds, percentage		3.50%
Over-Allotment Option [Member]
Commitments (Details) [Line Items]
Additional purchase of shares	2,250,000	2,250,000
Purchase price per share	$ 10
Proceeds from initial public offering		$ 3,450,000

Stockholders’ Equity (Details) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Preferred stock, shares authorized	1,000,000	1,000,000
Common stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued	4,312,500	4,312,500
Common stock subject to possible redemption	17,250,000	15,000,000
Common stock, shares outstanding	4,312,500	4,312,500

Warrants (Details) - $ / shares	9 Months Ended
Warrants (Details) - $ / shares	Sep. 30, 2021	Jan. 05, 2021	Dec. 31, 2020
Warrants (Details) [Line Items]
Private warrants outstanding	8,625,000		7,500,000
Warrants rights, description	The Company may redeem the Public Warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● at any time while the warrants are exercisable; ● upon not less than 30 days’ prior written notice of redemption to each warrant holder; ● if, and only if, the reported last sale price of the share of common stock equals or exceeds $16.50 per share, for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and ●if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.
Issue price per common stock (in Dollars per share)	$ 9.2
Percentage of exercise price of warrants adjusted	115.00%
Share redemption trigger price (in Dollars per share)	$ 16.5
Percentage of trigger price adjusted to market value	165.00%
Exercise price per share (in Dollars per share)	$ 11.5
Private Warrants Outstanding [Member]
Warrants (Details) [Line Items]
Private warrants outstanding	6,675,000	225,000	6,000,000

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Assets held-in-trust account	$ 174,262,524	$ 151,500,000

Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Level 1 [Member]
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund	$ 174,262,524
Level 3 [Member]
Liabilities:
Warrant Liabilities – Private Warrants	$ 1,668,750	$ 7,320,000

Fair Value Measurements (Details) - Schedule of information regarding level 3 fair value measurements of the warrant liabilities - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Schedule of information regarding level 3 fair value measurements of the warrant liabilities [Abstract]
Exercise price (in Dollars per share)	$ 11.5	$ 11.5
Stock price (in Dollars per share)	$ 10	$ 10
Volatility	6.50%	19.15%
Term	5 years	5 years
Risk-free rate	0.98%	0.36%
Dividend yield	0.00%	0.00%

Fair Value Measurements (Details) - Schedule of changes in the fair value of level 3 warrant liabilities - Private Placement [Member]	9 Months Ended
	Sep. 30, 2021 USD ($)
Fair Value Measurements (Details) - Schedule of changes in the fair value of level 3 warrant liabilities [Line Items]
Fair value as of December 31, 2020	$ 7,320,000
Initial measurement on January 5, 2021 (Over allotment)	837,000
Change in fair value	(6,488,250)
Fair value as of September 30, 2021	$ 1,668,750

Subsequent Events (Details)	9 Months Ended
Subsequent Events (Details)	Sep. 30, 2021 USD ($) $ / shares shares
Subsequent Events (Details) [Line Items]
Aggregate base consideration \| $	$ 800,000,000
Aggregate base consideration description	In addition to the Aggregate Base Consideration, Presto stockholders may be entitled to receive, as additional consideration, and without any action on behalf of the Company, Ventoux Merger Sub, Ventoux Merger Sub II or the Company’s stockholders, 15,000,000 additional shares of common stock of New Presto (the “Presto Earnout Shares”), to be issued as follows: (A) 7,500,000 Presto Earnout Shares, if, during the period from and after the Closing until the third anniversary of the Closing, the Volume Weighted Average Price (“VWAP” as defined in the Merger Agreement) of New Presto common stock is greater than or equal to $12.50 for any 20 trading days within a period of 30 consecutive trading days, and (B) an additional 7,500,000 Presto Earnout Shares, if, during the period from and after the Closing until the fifth anniversary of the Closing, the VWAP of New Presto common stock is greater than or equal to $15.00 for any 20 trading days within a period of 30 consecutive trading days.
Aggregate principal amount of convertible notes \| $	$ 55,000,000
Aggregate of warrants \| shares	1,000,000
Subsequent event, description	If the Company elects to pay interest in cash (“Cash Interest”), the interest on the Notes will accrue at a rate of 9.0% per annum and be payable in cash. If the Company elects to pay interest in kind (“PIK Interest”), the interest on the Notes will be increased to a rate of 11.0% per annum. PIK Interest will be payable either (x) by increasing the principal amount of the outstanding Notes by an amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest $1.00) or (y) if the Notes are no longer held as global notes, by issuing additional Notes in certificated form in an aggregate principal amount equal to the amount of PIK Interest for the period (rounded up to the nearest $1.00).
Conversion price notes percentage	$ 1.30
Principal amount of repurchase price percentage	100.00%
Common stock exercise price	$ 16.5
Transfer percentage	50.00%
New Presto [Member]
Subsequent Events (Details) [Line Items]
Common stock per share	$ 10
Additional shares of common stock \| shares	15,000,000
Subsequent event, description	At any time prior to the close of business on the second trading day immediately preceding the maturity date of the Notes, the Notes will be convertible, at each holder’s option, into shares of common stock of New Presto at an initial conversion price equal to the lesser of (i) $13.00 and (ii) a 30% premium to the lowest per share price at which any equity of the Company is issued within 15 days prior to the Closing Date (the “Conversion Rate”).
Note financing warrants [Member]
Subsequent Events (Details) [Line Items]
Common stock exercise price	$ 11.5
Equity subscription agreements [Member]
Subsequent Events (Details) [Line Items]
Aggregate base consideration \| $	$ 1,500,000
Common stock per share	$ 10
Subsequent event, description	In addition, the Company may redeem the Notes at any time prior to the 21st trading day before maturity by paying, in cash, the principal, accrued interest, and a premium equal to, (1) through third anniversary, the present value of all remaining scheduled interest payments, computed using a discount rate equal to the Treasury Rate (to be defined in the Indenture) plus 0.50%, and warrants to purchase a number of shares equal to 50% of the number of shares into which the Notes redeemed were convertible, or (2) between third anniversary and maturity, of all remaining scheduled interest payments, computed using a discount rate equal to the Treasury Rate.
Sponsor agreement [Member]
Subsequent Events (Details) [Line Items]
Subsequent event, description	(i) in the case of redemptions of public shares of 90% or more, 15% of the Sponsors’ founder shares that are owned immediately after the Closing will be subject to vesting, (ii) in the case of redemptions of public shares of between 80% and 90%, 10% of the Sponsors’ founder shares that are owned immediately after the Closing will be subject to vesting, (iii) in the case of redemptions of public shares of between 70% and 80%, 5% of the Sponsors’ founder shares that are owned immediately after the Closing will be subject to vesting and (iv) in the case of redemptions of public shares of less than 70%, none of the Sponsors’ founder shares will be subject to vesting. The Sponsors’ Earnout Shares will vest if, during the period from and after the Closing until the fifth anniversary of the Closing, the VWAP of New Presto common stock is greater than or equal to $12.50 for any 40 trading days within a period of 60 consecutive trading days.